The New York State Deferred Compensation Board, Albany, has hired BlackRock and State Street Global Management as transition managers for the $31.5 billion deferred compensation plan.
The plan's governing board approved 10-year contracts for each firm at its quarterly meeting Friday.
BlackRock is the incumbent transition manager, and both contracts were subject to an RFP. Both contracts take effect April 1, 2023.
The board also approved a one-year extension, which doesn't require an RFP, to the record-keeping contract for Nationwide Retirement Solutions for the 12 months starting April 1, 2023.